Cement News tagged under: Saudi Arabia
Yamama agrees raising credit facility limit20 June 2017, Published under Cement NewsYamama Cement announced that it has agreed with the National Commercial Bank (NCB) and Samba Financial Group to raise its sharia-compliant credit facility limit from SAR1bn to SAR3.6bn (US$266.6m to US$960m). The maturity date for the last instalments for these facilities is on 2 January 2025, the company said in a statement to the Saudi Stock Exchange. The new limits will be used to open new letters of credit worth SAR500m, as well as Murabaha facilities at SAR 2.1bn, financial website M... |
Saudi five-month cement sales down 18.7%15 June 2017, Published under Cement NewsSaudi cement sales fell by 18.7 per cent YoY in the first five months of this year to 22.6Mt, while clinker output was down 11.3 per cent, according to the Saudi Cement Sector Monthly by Al Rajhi Capital. Northern Cement and Najran Cement reported the steepest declines during the period, with reductions of 50 and 43 per cent, respectively. Al Rajhi Capital said in the report that demand is unlikely to pick up in the remainder of the year given that construction activity is expected to ... |
Al-Safwa Cement, SEC, sign deal for recycling of carbon ash01 June 2017, Published under Cement NewsSaudi Electricity Company (SEC) has signed a cooperation agreement with Al-Safwa Cement Co of Saudi Arabia for the recycling of carbon ash and the use of oils and oil residues as an alternative fuel source. Khalid bin Abdulrahman Al-Tuaimi, executive vice president Generation at SEC, said approval has been granted by the General Authority for Meteorology and Environmental Protection. This would reduce the full dependence of the cement factory on heavy fuel, thereby reducing dependence o... |
Hail Cement obtains cement export licence18 May 2017, Published under Cement NewsHail Cement Company has obtained a cement export licence from the Saudi Ministry of Commerce and Investment. The licence will be valid for one year from the date of approval on 14 May, according to a bourse filing on Tuesday. The company does not expect neither a financial impact from the licence on its results nor a positive impact for exporting cement due to high export fees. |
Tabuk Cement profit down11 May 2017, Published under Cement NewsTabuk Cement on Wednesday announced a 59.2 per cent decrease in net profit during the first quarter of 2017, compared to the same quarter last year, according to a bourse filing. Net profits fell to SAR8.7m (US$2.3m) in 1Q17, compared to SAR21.3m in 1Q16. The company attributed the YoY profit fall in 1Q17 to a decline in the amounts and value of sales and higher financial costs. Tabuk Cement’s sales amounted to SAR57.5m in the period between January and March, compared to SAR75.5m i... |
Southern Province sees 63% drop in 1Q profit10 May 2017, Published under Cement NewsSaudi-based Southern Province Cement Co reported a 62.9 per cent drop in profits for the first quarter of 2017, compared to the same period of the previous year, while QoQ profits declined 30.9 per cent. Profits stood at SAR105m (US$28m) in 1Q17, compared to SAR283m in 1Q16, according to a filing to the Saudi Stock Exchange. The company attributed the decrease in profits to a drop in sales as a result of lower demand and lower selling prices given competition in the market. Sales dec... |
Najran Cement Co posts lower profits09 May 2017, Published under Cement NewsNajran Cement Company reported a 81.7 per cent YoY decline in its profits during the first quarter of 2017, according to a Saudi bourse filing. Profits reached SAR11.22m (US$2.99m) in 1Q17, compared to SAR61.34m in 1Q16. Net revenues fell 50.4 per cent to SAR111.4m in the period under review, compared to SAR224.4m in 1Q16. The company’s 1Q17 results were weighed down by lower selling prices, and decreased sales volumes due to lower demand and the slowdown in construction activitie... |
Northern Region Cement profit drops 61.6%04 May 2017, Published under Cement NewsNorthern Region Cement Co reported a 61.6 per cent YoY decline in profits for the first quarter of this year, the Saudi-based cement producer said in a bourse filing on Wednesday. Profits reached SAR16.48m (US$4.4m) in 1Q17, down from SAR42.9m in the comparative period of the previous year. The company attributed the drop in profit to lower volumes and selling prices, as well as higher competition. Total sales contracted by 44.92 per cent to SAR127.3m in the quarter under review compa... |
Yanbu reports decline in 1Q profit27 April 2017, Published under Cement NewsSaudi-based Yanbu Cement’s profits declined by 27.49 per cent YoY to SAR124m (US$33m) in the first quarter of 2017 from SAR171m. The decline in profits was attributable to weaker demand and fierce competition, according to a bourse filing on Wednesday. Total sales reached SAR296m in 1Q17 compared to SAR303m in the comparative period of 2016. |
Yamama Saudi Cement quarterly profit down 66%20 April 2017, Published under Cement NewsYamama Saudi Cement reported a net profit of SAR50.8m (US$13.5m) in the first quarter of 2017, translating into a YoY drop of 66 per cent due to a decline in operating profit. Gross profit in the period was also down by 66 per cent YoY to SAR63m on the back of lower sales volumes and average realised price per tonne. Revenue fell 41 per cent YoY to SAR220m. Cement volumes amounted to 1.24Mt in the first quarter of the year, down 25 per cent YoY but up by three per cent compared to the p... |